Livestock - Meats - Wool

Sweeping Declines in Cattle and Hog Prices

Prices of all classes of livestock tended toward lower levels during the week ending November 1. Sweeping declines developed in both cattle and hogs, while only moderate losses were scored in sheep and lambs. Liberal cattle receipts resulted in a general 25 to 50¢ break after many markets had reported new 1924 high marks for yearling steers early in the week. Somewhat increased marketings of hogs and a lack of buying support brought a general 70 to 80¢ reduction in prices, with a flood of underweights selling $1-$1.25 lower. Although the marketward movement of sheep and lambs slackened a trifle, demand narrowed and a general 256 downturn was enforced.

Country loadings of cattle both at Chicago and around the market circle proved too liberal, and practically all classes excepting canners and cutters showed declines at Chicago. Receipts at 11 markets totaling approximately 344,000 and Chicago's total of 88,000 are both records for any week during the past two years and practically as large as for any corresponding time since late in 1920. Yearlings and better grade light and medium weight steers early in the week continued the activity in evidence for some time past and new high price levels were reached. Yearlings at Chicago made a new top for the year at $12.90, St. Louis, Kansas City, and Omaha also showing new tops for the year at $12.60, $12.25, and $12.25 As the week closed, however, prices even on respectively. desirable yearlings and better grade medium-weight steers had dropped 15-25¢ below values a week earlier. Mid-week supplies proved more than sufficient to satisfy a demand which had appeared to be unlimited previous to this week. Bigweight steers and lower grade of fed offerings of all classes as well as native and western grassers continued to slide down the price scale, reductions of 25c-50¢ being general. A few strictly choice weighty bullocks failed to show the full loss, but these were largely comprised of specialties that usually went to fill shipping_orders, while half-fat weighty steers had no stable value. The bulk of weighty fed steers during the week cashed at $8-$10, and good to choice offerings were liberal at $8.75$9.50. Western grass run amounted to approximately 16,000 head, of which around 1,800 were from western Canadian ranges. Bulk of grass steers from northwestern ranges cashed from $6-$7, weighty Canadians selling upward to $8-$8.25.

Fat she stock of better grade was extremely dull and draggy throughout the week's trade and losses of 25¢-50¢ were general with better grade cows and weighty fed heifers showing even more decline. Instances of $1 loss were not uncommon on weighty grain-fed heifers owing to the fact that these had to come into sharp competition with weighty, well-finished, fed steers that had shown a maximum decline throughout the period under review. Light grass and short fed heifers had practically no stable price basis. Canners and cutters sold actively and but little weakness was apparent even at Chicago, where supplies at midweek were extremely liberal. The outlet for bulls narrowed considerably, and prices at the close were generally 25¢ lower. Bulk of bolognas sold Friday at $3.50-$4, a few reaching $4.15 and above.

The

Veal calf values were no exception to the general market for bovine offerings, better grades at the close generally showing losses of 506-75¢ with the bulk going to packers at $9.50-$10. Stocker and feeder trade, after a fairly active opening, turned lower, and at the close losses of 25¢-50¢ were general. quality of the week's offerings in this division was generally below that of recent weeks, few feeder steers of value to sell above $7 appearing in the run. Bulk of stockers and feeders cashed for the week at $5-$6.75, a few desirable Montanas selling upward to $7.60, with fleshy, well-bred offerings suitable for a short turn at $8.25-88.40 toward the close. These latter kinds averaged above 1,200 pounds.

Following persistent and seasonable downturns in the swine trade, which have aggregated more than $3 from the extreme high point reached about three weeks ago, trade developed a very uncertain basis. Losses for the week generally amounted to 706-806, while extreme reductions on slaughter pigs and light lights reached $1.25. This severe discrimination against the lack of weight brought about an unusually wide spread in values. As a result a difference of 10 pounds frequently meant a variation of 506-75¢ in price for comparable grades. Late in the week, best weighty butchers at Chicago failed to realize more than $9.80, which was the lowest top recorded since the

middle of August. This was also $3.10 under the extreme high point reached during the early October bulge. Even so, however, prices were around $2 higher than for the corresponding time of last year.

Packers were very bearish on lambs all week, and in spite of substantial reductions in supplies succeeded, at least temporarily, in eliminating the $14 lamb. The general depression lowered lamb prices about 256 compared with a week ago. Marked declines in the East on live prices practically shut off shipper competition at larger Corn Belt markets, and there was even a small lamb movement from the East to the West.

Meat Trade Sensitive to Supply Conditions

Boston, New York, Philadelphia, and Chicago Moderate quantities of fresh meat moved through wholesale channels during the week ending October 31. At no time, however, was trade brisk. Sensitiveness to altered supply conditions characterized the market throughout. Prices as a whole followed no general trend; beef ranged from $1 higher to $1 lower at eastern markets, but remained practically unchanged at Chicago; veal was $1-$2 lower at New York, but as much higher at Philadelphia; the lamb market was weak, declines ranging from $1-$3; mutton on the other hand advanced $2-$3 at New York, but was practically unchanged elsewhere; fresh pork declined sharply everywhere, loin prices at the close being anywhere from $2-$6 lower than a week earlier. Imports of meat for the week included the following: 400 lamb carcasses, 6,950 pounds of pork tenderloin, 3,839 pounds of smoked pork and 5,900 pounds of fresh pork from Canada, 260,000 pounds canned corned beef from South America, and 1,430 pounds of tinned ham from Germany.

Beef. The course of beef prices was largely a matter of supplies. Offerings at New York were fairly liberal and as a rule prices ranged from 50-$1 lower; at Boston and Philadelphia similar advances were scored, whereas Chicago remained practically unchanged. In the main, receipts were just about normal, and demand was not sufficient to warrant material advances.

Veal.-Receipts were not evenly distributed. Boston and New York had rather more than the trade required and prices while weak at Boston were $1-$2 lower at New York. Philadelphia on the other hand advanced $1-$2 for the week. Chicago had a liberal supply of native vealers which sold $1 lower at the close; westerns on the other hand were light and advanced $1-$1.50 per 100 lbs.

Lamb.-Receipts were generally liberal and buyers took advantage of this situation to depress prices. At Boston and Chicago the decline was measured by $1, whereas New York broke $1-$3 and Philadelphia advanced $1-$3 per 100 lbs.

Trade was

Mutton. A wide range of quality was included in the offerings, which in the aggregate were only moderate. fair and prices were generally steady, except at New York, where advances of $2-$3 contrasted strongly with similar declines on lamb.

Pork. The fresh pork market was virtually a repetition of that of the preceding week, declining hog prices put meat buyers in a strong position, and they were not slow to avail themselves of their advantage. Pork loins declined from $2-$6 per 100 lbs., light weights showing the greatest reduction. Shoulder cuts were also weak, and although average declines were about $2, Boston style butts ranged from $3-$4 lower for the week.

1 Based on average prices for the following weeks: Nov. 1-5, 1921; Oct. 30-Nov. 4, 1922, and Oct. 29-Nov. 3, 1923. 2 Two-year average.

Boston Wool Market Quotations

Wool trade continued fairly active during the week ending November 4. The tone of the market was firm throughout, but price changes were, as a rule, slight. Demand seemed about equally divided between manufacturers and speculators. Contracting wool in the range States expanded somewhat. Recent reports indicate 42e has been paid in Utah and 456 in Montana. Pulled wool is in demand for the woolen trade.

1 Based on average prices to retailers.

* Based on average prices for the following weeks: Nov. 1-5, 1921; Oct. 30-Nov. 4, 1922; and Oct. 29-Nov. 3, 1923.

Wool Imports at Three Ports

Imports of wool for the week October 27-November 1, 1924, were: At Philadelphia, grease, 1,021,549 lbs.; scoured, 75,383 lbs.; cashmere, 4,434 lbs. grease; total value, $235,266. At Boston, grease, 2,025,409 lbs.; scoured, $78,446 lbs.; mohair, 202,515 lbs. grease; total value $1,254,839. And at New York, grease, 1,164,128 lbs.; scoured, 340,955 lbs.; cashmere, 40,812 lbs. grease; total value, $433,479.

Fine strictly combing.

Fine French combing.

Fine clothing.

14 blood strictly combing. 11⁄2 blood clothing...

3 blood strictly combing.

blood clothing.....

blood strictly combing.

4 blood clothing...

Low blood strictly combing.

Common and braid.......

1 Average quotations on the better class of fleece wools similar to Ohio and Pennsylvania. The better class of Michigan, New York, Wisconsin, and Missouri wool. 1-3¢ less. Kentucky and similar wool 2-5e higher, depending on the particular lot offered. The above quotations depend to some extent on the individual lots.

Commercial Cowpea Crop Unusually Small

The 1924 commercial production of cowpeas is indicated to be less than last year's small crop according to information obtained by the Department of Agriculture. Dry weather during the summer months cut the yield per acre materially. Rains later caused the pods to rot and many fields, it is reported, will not be harvested or are not worth harvesting. The supply of cowpeas that enters commercial channels, however, is not necessarily in proportion to the total production and with a marked advance in prices as a result of present indicated small production, there will be a tendency to place on the market a larger percentage of the crop than usual, using less on the farms. The anticipated shortage is general although it is more pronounced in the normally heavy producing sections of South Carolina and southwestern Georgia and Mississippi.

Buyers are not active and no movement of the crop is reported.

About 50% to 60% of the crop had been harvested by Oct. 22, although in many localities 75% to 90% had been harvested. There was no old crop seed carried over by growers and shippers.

192

56.5

Colorado

9,006

118.8

358

106.9 120, 778

180.3

Connecticut.

25

166.7

Soy Bean Production Much Less Than Last Year

The 1924 commercial production of soy beans is expected to be 20% less than last year, according to reports received by the Department of Agriculture. The total acreage harvested for seed is nearly equal to last year, but in practically all States the yield per acre was reduced, largely because of unfavorable weather conditions.

Delaware, a heavy producer of Wilsons, shows a heavy increase in acreage, but the low yields reduce the prospective production to 90% of last year. The small production of Mammoth Yellows in North Carolina may be offset by larger supplies from adjoining States where it is difficult to get a line on the actual production.

The carry over of old crop soy beans in growers' and shippers' hands is negligible, due in large part to activity of oil mills in buying up such stocks for crushing purposes after the seed demand is over.

Soy Bean Acreage, Yield, and Prices

1924

1924 acreage yield for per seed acre com

Prices offered growers for thresher-run soy beans (per 100 lbs.)

pared pared Nov. with with 12, 1923 1923 1921

Delaware. Maryland. Virginia.

17121°-24†——2

Fruits and Vegetables

Grape Season Approaching End

Carlot shipments of fruits and vegetables during the last week of October decreased to about normal volume for this time of the year, the heaviest losses occurring in movement of grapes, apples, and potatoes. Output of potatoes was greater than at the same time last season but apples much lighter. Combined shipments of 15 products were 26,060 cars. Price advances were quoted for apples, celery, western grapes, lettuce, and tomatoes. Markets for potatoes and cabbage were slightly lower; onions held barely steady, and sweet potato prices were irregular.

Grapes.-Features of the grape season are the lighter total production but heavier shipments than last year, the probable early closing of California's shipping period, the delayed movement of eastern grapes, and the recent upward swing of prices in California. Normally, that State ships several hundred cars of grapes in December, but the movement has been decreasing rapidly and the crop may be fairly well cleaned up by the end of November. Last week only 2,475 cars came from California, compared with 4,000 the preceding week and the Corresponding period last season. Total State shipments to November 1 were about 50,700 cars, as against 48,850 to the same time in 1923. Around 6,500 additional cars were marketed during November and December last year.

Recent prices at California shipping points have been much higher than those of mid-September, when the average output exceeded 1,000 cars per day. F. o. b. wire auction sales of Fancy table Malagas at $1 per crate in late October compared with a price of 68e about September 20. Lugs of Tokays had advanced 10e to a close of 85¢ or more, while crated Fancy Cornichons were selling at 95¢ and Emperors averaged $1.08. Sales of No. 1 juice stock on the per-ton basis, including lugs, were made recently at $145 for Alicantes, $43 for Malagas, $104 for Missions, $48 for Muscats, and $43 for Thompsons. In mid-September the corresponding averages were $107, $33, $80, $36, and $35. Proportionate advances occurred on city auctions, the range in Chicago being from $1.20 per lug of Muscats to $2.58 for Alicantes. Malagas had reached $2.25 per crate on several eastern markets.

Not only California grapes but eastern stock also brought slightly higher prices than a year ago. Best New York Concords were jobbing generally at 70-80 per 12-quart basket, with top of $1 in Chicago. Michigan Concords averaged a little less than New Yorks and price trends everywhere were downward under the liberal supplies. Slightly-frosted basket stock closed at $45 per ton f. o. b. west Michigan points, while western New York shippers were getting $75 a ton or 16¢ per 2-quart basket.

In October the total New York grape crop was estimated 15,500 tons heavier than last year's production; Pennsylvania's was 3,000 tons heavier, Ohio's just about the same as a year ago, and Michigan's 3,700 tons greater. California, however, showed a decrease of 368,000 tons. By November 1, 1923, Michigan's season had already closed, with a record of 4,200 cars, and New York and Pennsylvania had nearly finished marketing their 4,300 and 850 cars, respectively. At present movement from all these States is still quite active, totaling 1,640 cars last week. The season's total to date from all grapeshipping sections is 2,500 cars ahead of last season's corresponding movement.

Shipments of cabbage again increased to 1,540 cars for the week and f. o. b. prices declined slightly. Western New York forwarded 680 cars, with closing price on Danish type $8-$9 per ton.

markets have been dull, with most of the yellow onions ranging $1.50-$2, and reds about 25¢ higher. Western stock was selling at $2.25-$3.25 in Chicago, and most markets quoted Spanish Valencias weaker at $1.65–$2 a crate. Revised estimates of the main onion crop show recent increases in Massachusetts and New York, offset by decreases in Colorado and California, so that the total crop is about the same as forecast in August. New York, Indiana, Ohio, and Michigan were the leading shipping States in late October, with movement from all sections averaging 165 cars per day.

Apple markets were firm to higher. Eastern Stayman Winesaps advanced to a range of $4.50-$6 per barrel, Grimes In BaltiGolden to $4-$5.50, and York Imperials to $4-$5. more, Virginia Delicious reached top of $6.50-$7. Best New York Baldwins brought $5 in New York City. In Chicago, mid-western Jonathans weakened to $7-$7.50. Extra Fancy boxed Jonathans from the Northwest commanded top price of the previous week's range, medium to large stock bringing mostly $2.50-$3 per box. Shipping point prices were unchanged. Last f. o. b. reports from West Virginia quoted Black Twigs at $4.25 per barrel. In western New York Baldwins and Rhode Island Greenings brought $5.50 and Northern Spys $6. Extra Fancy Winesaps sold at $1.90 per box in Colorado, and Jonathans at $1.90 in the State of Washington. Movement from western States decreased 400 cars and eastern regions shipped nearly 700 cars less than the previous week. Virginia, West Virginia, and Illinois showed sharp losses.

Potatoes.-The week's potato movement from leading States was 700 cars lighter. Minnesota's output decreased most. Prices generally continue to decline. In the East, Maine Green Mountains held steady to firm at $1.10-$1.45, sacked and bulk per 100 pounds, but New York round whites dropped to $1-$1.15. Chicago carlot sales of northern round whites were as low as 60, when 825 cars of potatoes arrived in that market during the week. Other mid-western cities quoted that stock around $1-$1.25. Western Rurals and various white varieties ranged mostly $1.50-$1.65 in Chicago and southwestern markets. Most sales at shipping points were

about 56 per 100 pounds lower.

New York cauliflower continued to bring $1.50-$2.75 per crate in the East. Michigan stock advanced sharply to $2-$2.25 in Chicago. Golden Self-Blanching celery from New York sold 256-50¢ per two-thirds crate higher at $2.25 in New York City. A few sales of Michigan Golden Hearts Massawere reported around 90-$1 per highball crate. chusetts cranberries for the holiday trade appeared in most markets, bringing $4.25-$5.50 per half-barrel. New Jersey Early Blacks sold at $4.50 in Philadelphia.

Carload Shipments of Fruits and Vegetables

Week of October 26 November 1, and season to November 1, with Comparisons

Cabbage. Cauliflower..

Grapes. Grapefruit Lemons

Product

Lettuce: Old crop. New crop. Onions Oranges:

Apples:

Western States. Eastern States.

3,035

3,458

4.749 22,814

32,058

4, 432

5,114

5,703 33,028

47, 162

63,035 75,055

1, 537

1,317

1,655 28,656

37,013

103

497

559

601

688 10,760